Presentation Q4 2014 (HSB group)
Main features
Profit & Loss
Balance
Lending
Deposits
Funding
Solidity
Summary
Appendices
Lisbeth Flågeng
Chief Executive Officer
Sverre Klausen
Management and organisational structure
Director of Corporate Market Bjørn-Tore Brønlund Director of Retail MarketDag Hugo Heimstad
Chief Financial Officer Sverre Klausen Chief Business Development Officer Øyvind Karlsen Chief Human Resources Officer
Ann Karin Krogli
Chief Accounting Officer Ranveig Kråkstad Chief Risk Management Officer Anne Ekroll Chief Executive Officer Lisbeth Flågeng Board of Directors Internat Auditor Marit Jakobsen Assistant and GM Helgeland Boligkreditt AS Brit Søfting
Theme
Main features
Profit & Loss
Balance
Lending
Deposits
Funding
Solidity
Summary
Appendices
Result
Good basic operations – gross profit MNOK 283 (266) – improvement of MNOK 17
•
Net interest increased by MNOK 19
•
Return on financial investments increased by MNOK 30
•
Increased costs in the last quarter – partly non-recurring costs
•
Moderate losses on lending
Profitability
Stable ROE (after tax) 10.5 (10.4) %
Suggested cash dividend NOK 2.5 per EC, pay-out ratio 31.8%
Solidity
Strengthened capital adequacy – CET1 ratio 13.4 (12.3) % – total capital ratio 17.2 (16.0) %
Lending
Reduced 12-month growth 0.6 (4.4) %
•
Retail market 3.0 (7.9) % - lower than expected
•
Corporate market -3.9 (-0.4) % - reduced growth in line with the bank’s targets
Deposits
Increased 12-month growth 5.7 (15.9) % - good deposit ratio 65.9 (62.7) %
•
Retail market 6.8 (7.8) %
•
Corporate market 4.0 (31.1) %
Main features 4
th
quarter
New contract with EVRY – effective until end of 2019, with extension option until end of 2021
The bank has in collaboration with 3 other banks renegotiated the agreement with Evry for
deliverance of bank services. The agreement also include participation in renewal of Evry’s core
systems.
Theme
Main features
Profit & Loss
Balance
Lending
Deposits
Funding
Solidity
Summary
Appendices
Profit & Loss
Engangs- effekt
45
Good result
Stable net interest
•
Meeting the competition, lowering mortgage rates•
Reducing the deposit rate inthe same period
•
Net interest not weakened as a consequence of changes•
Adaption of individual commitments, especially in the corporate market•
Positive effect of reductionin Nibor 201 133 172 266 283 0 150 300 2010 2011 2012 2013 2014 Helgeland Sparebank
Profit development (mnok)
Gross Profit
one time eff 45
Result
Good result
Stable net interest
•
Meeting the competition, lowering mortgage rates•
Reducing the deposit rate inthe same period
•
Net interest not weakened as a consequence of changes•
Adaption of individual commitments, especially in the corporate market•
Positive effect of reductionin Nibor ROE
•
Target minimum 10 %•
Per Q4 2014 10.5 (10.4) % Engangs- effekt 45 201 133 172 266 283 9,2 % 5,6 % 7,2 % 10,4 % 10,5 % 0 150 300 2010 2011 2012 2013 2014 Helgeland SparebankProfit development(mnok) and return on equity %
Gross Profit Return on equity %
One time eff 45
Key figures
Commentary
Net interest
•
Strengthened margin from 2011•
Unchanged last four quartersNet commissions
•
Stable level from 2011•
0.31 % - unchanged from 2013 0% 1% 2% 2010 2011 2012 2013 2014 Helgeland SparebankKeyfigures in % of average BTA
Key figures
Commentary
Net interest
•
Strengthened margin from 2011•
Unchanged last four quartersNet commissions
•
Stable level from 2011•
0.31 % - unchanged from2013
Operating costs
•
Falling level from 2010•
Increased in 2014 Losses on lending•
Moderate level from 20100% 1% 2%
2010 2011 2012 2013 2014
Helgeland Sparebank
Keyfigures in % of average BTA
Key figures
Commentary
Net interest
• Strengthened margin from 2011
• Unchanged last four quarters Net commissions
• Stable level from 2011
• 0.31 % - unchanged from 2013 Operating costs
• Falling level from 2010
• Increased in 2014 Losses on lending
• Moderate level from 2010 Financial investments • Positive development in 2014 0% 1% 2% 2010 2011 2012 2013 2014 Helgeland Sparebank
Keyfigures in % of average BTA
Gross profit Net interest Net provisions Operating cost Losses on loans Finance inv.
Profit & Loss
Commentary
Stable basic operations
Increased costs, especially in the last quarter
• Partly non-recurring costs, one year pay after termination of employment for former CEO and gift to the employees.
• Increased payroll tax and pension costs for employees
Pension commitments are entered into the comprehensive income statement over equity
Helgeland Sparebank (group) Profit & loss (MNOK)
Q4/2013 Q1/2014 Q2/2014 Q3/2014 Q4/2014 Net interest- and credit provision earnings 118 113 114 116 115
Net provision earnings 20 19 22 22 19
Other operatios income 3 1 1 2 3
Ordinary operations cost 62 62 61 63 77
Result basic operations 79 71 76 77 60
Write-downs lending and warranties 12 11 18 6 9
Net value change financial instruments 6 6 23 17 -2
Gross profit 73 66 81 88 49
Net profit 56 48 59 73 35
Net extended income posts 41 13 -7 0 -39
Net interest
Commentary
Net interest maintained from Q1 to Q4
Still strong price competition
•
Latest reduction onmortgage rates is funded by reduction on deposit rates conducted 15.12.2014
•
Net interest change isdetermined with effect from 15th of March. Also funded through reduction on deposit rates.
•
Individual adaptions 118 113 114 116 115 1,79 % 1,75 % 1,75 % 1,75 % 1,74 % 0 75 150 Q4/2013 Q1/2014 Q2/2014 Q3/2014 Q4/2014 Helgeland SparebankDevelopment net intr.(mnok.) and % of average BTA
Operating cost
Commentary
Increased costs in NOK. Costs in percent maintained relative to income.
•
Annual positions reduced from 177 in 2013 to 168 by the end of 2014- Cash service at desks terminated
- Natural resignations that are not replaced
•
New agreement with IT supplier gives falling costs over the contract period218 218 233 239 263 47,5 % 57,7 % 53,9 % 44,5 % 44,6 % 0 100 200 300 2010 2011 2012 2013 2014 Helgeland Sparebank
Development operating cost (MNOK) % of income
Theme
Main features
Profit & loss
Balance
Lending
Deposits
Funding
Solidity
Summary
Appendices
Total Assets
Commentary
Controlled growth
•
Disengagement of CM commitments•
Adapted liquidity reserve20.160 22.802 24.594 25.985 25.823 0 15.000 30.000 2010 2011 2012 2013 2014 Helgeland Sparebank
BTA (MNOK)
Total AssetTotal Assets
Commentary
Controlled growth
•
Disengagement of CM commitments•
Adapted liquidity reserve Lending• Q4 NOK 20.8 (20.7) bn.
• 12-month growth MNOK 120
20.160 22.802 24.594 25.985 25.823 20.828 0 15.000 30.000 2010 2011 2012 2013 2014 Helgeland Sparebank
BTA whereby lending (MNOK)
Total Assets
Commentary
Controlled growth
•
Disengagement of CM commitments•
Adapted liquidity reserve Lending• Q4 NOK 20.8 (20.7) bn.
• 12-month growth MNOK 120
Deposits• Q4 NOK 13.7 (13.0) bn.
• 12-month growth MNOK 736
20.160 22.802 24.594 25.985 25.823 20.828 13.725 0 15.000 30.000 2010 2011 2012 2013 2014 Helgeland Sparebank
BTA whereby lending and deposits (MNOK)
Theme
Main features
Profit & Loss
Balance
Lending
Deposits
Funding
Solidity
Summary
Appendices
Credit growth
Commentary
Controlled lending growth
•
12-month growth 0.6 (4.4)% RM share•
Goal minimum 60%•
Per Q4 – 67.1 (65.6)% Share in Helgeland region•
Per Q4 – 83.8 (83.2)%2010 2011 2012 2013 2014
Helgeland Sparebank
12-month credit growth
HSB Helgeland totalt Statistic Norway totalt
PM 67,1 % 32,9 %BM Helgeland 83,8 % Norge 16,1 %
Credit growth CM and RM
Commentary
12-month growth 0.6 (4.4) % whereby CM -3.9 (-0.4) % and RM 3.0 (7.9) % -5% 0% 5% 10% 15% 20% 2010 2011 2012 2013 2014 Helgeland Sparebank
12-month credit growth corporate market
HSB Helgeland corp. Statistic Norway corp.
-5% 0% 5% 10% 15% 20% 2010 2011 2012 2013 2014 Helgeland Sparebank
12-month credit growth retail market
•
Helgeland Sparebank is still by far the largest bank in the region•
The market situation is relatively stable, but with growing competition in the larger towns•
HSB is, after several years focus on insurance, now the largest provider within all insurance areas in HelgelandThe market in the Helgeland region
52% 15% 28% 5% 56% 12% 27% 5% 54% 15% 26% 5% 56% 12% 26% 6% 49% 14% 27% 9% 49% 15% 28% 8% 0% 10% 20% 30% 40% 50% 60% Helgeland Sparebank Sparebank 1 Nord-Norge DNB Andre Banker 2009 2010 2011 2012 2013 2014 19% 7% 9% 3% 18% 14% 14% 3% 5% 7% 22% 7% 10% 3% 19% 11% 12% 3% 6% 6% 26% 6% 11% 3% 18% 11% 12% 2% 6% 2% 1% 3% 0% 5% 10% 15% 20% 25% 30% HSB / Frende Terra/Eika Sparebank1 Forsikring DNB Gjensidige IF Tryg Vesta Storebrand Jernbanepersonalets BF Organisasjonstilknyttet Vardia Andre 2012 2013 2014
Property price development
Commentary
Average national price increase for apartments in 2014 was 8.7%, while the prices in the Helgeland region increased by 7.1% in the same period. The national average price increase for sold houses in 2014 was 8.2%, while the prices in the Helgeland region increased by 1.5% in the same period (Source: Eiendomsverdi)
0 10.000 20.000 30.000 40.000 50.000 60.000 2006 2007 2008 2009 2010 2011 2012 2013 2014 Helgeland Sparebank
Price development - sold apartments in NNOK/sq.m.
Helgeland Oslo Trondheim Bodø
0 5.000 10.000 15.000 20.000 25.000 30.000 35.000 40.000 45.000 50.000 2006 2007 2008 2009 2010 2011 2012 2013 2014 Helgeland Sparebank
Price development - sold houses in MNOK/sq.m.
Lending CM
Commentary
Good diversification in the CM lending portfolio and very loyal corporate customers
Lending CM constitute NOK 6.8 (7.2) bn.
CM share of total lending 32.9 (34.4) %
Food production consisting of agri/aquaculture, and forestry, make up 29% of CM lending Guarantee obligation FX loans constituted MNOK 140 per 31.12.14 – secured in property/deposits 12,4 % 6,5 % 4,3 % 3,1 % 3,1 % 2,9 % 1,9 % 13,1 % 6,3 % 3,9 % 3,1 % 3,1 % 1,7 % 1,6 % Real estate Farming and forestry Construction and power Transport and services Fishery and aquaculture Processing and mining Trade, hotel and restaurant
Helgeland Sparebank
Lending distributed in sector
31.12.13 31.12.14 Real estate 40 % Industry 17 % Food 29 % Services 14 %
Non-performing and other impaired commitments
Commentary
Still good portfolio quality Flattening of net
non-performing and other impaired commitments
The development of defaults in the portfolio and on individual commitments is monitored closely. Continuous follow-up through concrete measures.
0,9 % 1,0 % 0,5 % 0,6 % 0,5 % 0 50 100 150 200 2010 2011 2012 2013 2014 Helgeland Sparebank
Net defaulted and com. exp. to loss
Net commitments exposed to loss Net defaulted commitments (>90 days)
Main features
Profit & Loss
Balance
Lending
Deposits
Funding
Solidity
Summary
Appendices
Theme
Total deposit growth
Commentary
Good deposit growth
•
12-months growth 5.7 (15.9) %RM share
•
Per Q4 – 61.6 (61.0) % Share from Helgeland region•
Per Q4 – 91.6 (92.2) % Deposit ratio•
Goal minimum 60%•
Per Q4 – 65.9 (62.7) % Large share of RM deposits under MNOK 2. (about 60% of total deposits)2010 2011 2012 2013 2014
Helgeland Sparebank
12-month deposit growth
HSB total Helgeland Statistic total Norway
PM
61,6 % BM
Deposits CM and RM
Commentary
12-month growth 5.7 (15.9) % whereby CM 4.0 (31.1) % and RM 6.8 (7.8) %. Large municipal deposit in 2013.
Deposit growth both for corporate customers and retail customers on level with the national average -5% 0% 5% 10% 15% 20% 25% 30% 35% 2010 2011 2012 2013 2014 Helgeland Sparebank
12-month deposit growth for businesses
HSB Helgeland Corp. Statistic Norway Corp.
-5% 0% 5% 10% 15% 20% 2010 2011 2012 2013 2014 Helgeland Sparebank
12-moth deposit growth for households
Deposits CM
Commentary
Well diversified deposit portfolio in the CM
Deposits from CM constitute NOK 5.3 (5.1) bn.
CM share 38.4 (39.0) % of total deposits
Deposits from municipalities constitute 29% of the CM deposits 11,6 % 6,5 % 5,4 % 3,7 % 3,1 % 2,3 % 2,7 % 2,4 % 1,5 % 11,0 % 6,1 % 5,9 % 3,1 % 3,2 % 2,2 % 3,6 % 1,8 % 1,5 % Municipalities Transport and services Construction and power Real estate Trade, hotel and forestry Fishery and aquaculture Farming and forestry Insurance and finance Processing and mining
Helgeland Sparebank
Customer deposits
31.12.13 31.12.14 Real estate 8 % Industry 19 % Food 15 % Services 24 % Financial 5 % Municipaltie s 29 %Theme
Main features
Profit & Loss
Balance
Lending
Deposits
Funding
Solidity
Summary
Appendices
Funding
Commentary
The deposits are the most important source for funding The bank’s mortgage company is rated ‘Aaa’ and will be an important source for funding in the time ahead
8.615 9.100 9.883 10.429 11.211 12.989 13.725 0 15.000 30.000 2008 2009 2010 2011 2012 2013 2014 Helgeland Sparebank
Funding development (MNOK)
Funding
Commentary
Good and long term funding Share long term funding 83.8 (80.7) %
Combined duration of 2.6 (2.5) years
Planning a gradual increase of duration in the mortgage company
Maximum limit for transferring to the mortgage company is 30% of gross lending. Per 31.12.14, 20.3% are transferred 0 844 1.500 1.400 1.400 700 607 500 630 285 399 400 300 0 500 1.000 1.500 2.000 2.500 2014 2015 2016 2017 2018 2019 2020 2021 Helgeland Sparebank
Maturity of loans (MNOK)
Helgeland Boligkreditt AS
Commentary
Combined LTV 52 (52) % Cover pool
•
Qualified loans MNOK 4,150 (4,698)•
Deposits MNOK 224 (238)•
OC level 29 (23) %CB loans NOK 3.4 bn.
(whereby 0.3 in the ownership of the parent bank)
Net profit MNOK 48 (50) CET1 ratio 16.7 (15.1) % (standard method with 35% mortgage weights) 25% 15% 20% 21% 10% 8% 0,0 % 15,0 % 30,0 % 1-40 41-50 51-60 61-70 71-75 76 ≤ Helgeland Sparebank
LTV-allocation 31.12.14
Liquidity buffers
Commentary
The liquidity buffers constitute NOK 4.3 (4.5) bn. – equal to 16.7 (17.4) % of total assets
The buffer capital consists of cash, deposits in Bank of Norway/banks and interest paying securities
The HSB group has increased the quality of the liquidity buffers and is gradually adapting the buffers to Basel III/LCR Interest paying securities:
• Portfolio duration 2.1 (2.0) yrs.
• 70 % CB or Govt./municipal bonds
• 90% are rated A- or better
28% 28% 20% 9% 5% 2% 2% 4% 1% 1% 34% 22% 17% 16% 5% 1% 2% 2% 1% 0% CB 1 Finance, Norway Government Municipalites CB 2 Finance, abroad Industry Fonds Norway T1/T2 bonds Power Helgeland Sparebank
Securities distributed in sectors
Theme
Main features
Profit & Loss
Balance
Lending
Deposits
Funding
Solidity
Summary
Appendices
Suggested profit allocation
Commentary
Increased pay-out ratio
• 31.8 (25.7) %
Profit per equity certificate
• NOK 7.90 in the parent bank and NOK 8.7 in the group Suggested dividend for 2014:
• Basis for dividends in the parent bank MNOK 196.
• Cash dividend NOK 2.50 (1.80) per EC
Dividend and appropriation to the adjustment fund mirrors the EC owners’ share of the bank’s equity • Unchanged equation 75.1% 24 8 59 19 34 11 98 32 47 16 100 33 0 20 40 60 80 100 120
ECC capital Donation fund Divid equal res Savings bank fund
Helgeland Sparebank
Suggested allocation of profit 2014
Capital ratio
Commentary
Capital ratio • CET1 13.4 (12.3) % • Core capital 14.8 (13.9) % • Total capital 17.2 (16.0) % Increased pension commitments is charged to the equity in 2014 with MNOK 44CET1 capital will be further strengthened through ordinary operations
New target requirements are revised according to CRD IV requirements, strategy process spring 2015
The total capital can be strengthened further by new subordinated/T1 loans 13,4 % 1,4 % 2,4 % 6% 8% 10% 12% 14% 16% 18% 2010 2011 2012 2013 2014 Helgeland Sparebank
Development capital adequacy
Capital adequacy % T1 capital %
HELG – 20 largest owners
Parent bank
Per 31.12.14 Numbers % share Numbers % share
Sparebankstiftelsen Helgeland 6 599 598 35.3 % Lamholmen AS 366 734 2.0 %
Pareto AS 1 070 836 5.7 % Helgelandskraft AS 340 494 1.8 %
MP Pensjon PK 1 032 203 5.5 % AS Atlantis Vest 335 000 1.8 %
UBS AG, London Branc A/C 1 000 000 5.3 % Bergen Kommunale pensj. 250 000 1.3 %
Citibank 776 441 4.2 % Sniptind Holding AS 201 801 1.1 %
VPF Nordea Norge 570 365 3.1 % Verdipapirfondet 153 000 0.8 %
Merrill Lynch Prof. 530 113 2.8 % Johs. Haugerudsvei AS 141 081 0.8 %
Pareto online AS 500 000 2.7 % Melum Mølle AS 124 000 0.7 %
Sparebankstiftelsen DNB 442 724 2.4 % Mellem Nes invest 118 200 0.6 %
Verdipapirfondet Eik 415 954 2.2 % Steffen Nervik 110 000 0.6 %
Total 10 biggest owners 12 938 234 69.2 % Total 20 biggest owners 15 078 544 80.6 %
EC development and liquidity HELG
The good price development has continued also in Q4 2014
A down-sale from Sparebankstiftelsen in 2014 contributes to an increased number of tradable ECs on the Oslo Stock Exchange – 5.7 million ECs are traded so far this year, whereby 3 million from Sparebankstiftelsen
Theme
Main features
Profit & Loss
Balance
Lending
Deposits
Funding
Solidity
Summary
Appendices
Increased competitiveness
•
Adapted mortgage interest rates and deposit rates in the retail- and corporate market•
Improved competitiveness against Statens Pensjonskasse•
Concrete measures to increase the growth in the retail market•
Shifted focus from deposits to lending in personal budgets and measurements•
Increasing awareness of content in «Best in customer experiences»•
New leaders in the CM with sharp competency and large networksA future oriented bank
•
Larger digital focus together with three other savings banks•
Terminated the cash service at the desks•
Increased accessibility for customer service•
New and improved online portal•
Bank ID on mobile phone•
E-signing completely implemented by first half of 2015Result
•
Still good basic operations•
Maintenance of the net interest•
Level of commission earnings is expected to remain•
Good results in the product companies, Frende and Brage•
Challenges on the cost area are met with a number of measures•
Reduction of annual positions (9) as a consequence of termination of cash services/natural resignations•
Additional reduction of annual positions is considered continuously•
New evaluation of the bank’s pension scheme•
New agreement with IT supplier gives reduced costs toward 2019-2021•
Internal focus on rational operations and correct cost usage•
Write-downs on lending on level with the industryProspects and priorities
Balance
•
Future growth in line with the industry•
Low interest level could make other forms of saving than deposits more attractive and thereby affect the deposit growthThe Helgeland region
•
Low oil price and a weak exchange rate is positive for the large export businesses in the region (industrial and fish farming) – several large investments have been determined and are partly started.•
The changing business cycle increases the availability of qualified labour and engineers.•
Increased focus on renewable energy gives opportunities for combining the region’s natural resources, such as hydro power, with metal production.•
Increased focus on research and development in the marine industries increases the value creation within the marine sector.•
Good prospects for the construction sector in 2015 / first half of 2016 – several large public construction projects – schools, care homes, new facilities for Brønnøysundregistrene, large investments in infrastructure.•
The municipality reform will be demanding, but should result in stronger municipalities and thereby improved ability to promote business development.•
No signs of increased unemployment – varying within the region, governmental organisations contribute to stability.•
The housing prices is expected to remain at a stable level – significantly lower than the larger cities.•
Population growth – but weaker than the national average•
A remaining low oil price and weak business cycle will require restructuring in the long term also in our region.A
DRIVING FORCE
FOR
GROWTH
ALSTAHAUG
BRØNNØY RANA
VEFSN
Main features
Profit & Loss
Balance
Lending
Deposits
Funding
Solidity
Summary
Appendices
Theme
Forskning 8,4 mill. kr.
Høgskoletilbud 5,2 mill. kr.
Helgeland Sparebank
Millionstøtte til forskning og høgskoletilbud siden 2010
Ungdoms-skole 1.018 elever Videregående skole 185 elever Helgeland Sparebank
Antall underviste elever skoleåret 2013/14
HSB – wide ranging investment in knowledge
Knowledge focus middle / high school
In keeping with a long tradition of savings banks, the Bank has taught personal finance to more than 1,200 students in lower and upper secondary school on the year 2013/14.
The initiative is a partnership with Ungt Entreprenørskap in Nordland county, and is based on the teaching programme for FNO. It is the first time the bank is investing heavily in this segment.
Knowledge focus research / study programmes
The Bank’s gift allocation has since 2012 increasingly shifted towards research and study programs organized by among others Campus Helgeland (cooperation between colleges and universities).
Research activities include research fellowships in technology and industrial business as well as newly established SINTEF activity directed towards industry.
En drivkraft for vekst på Helgeland
A driving force for growth on Helgeland
48
Norway’s
12th largest savings
bank of 108 banks – 15 offices in 13
municipalities in the Helgeland region
Bank total assets of NOK 26 billion and a market share of 50%
•
An
independent regional bank
with no alliances and
quoted on the stock exchange
-
The only bank with head office in the region
•
Complete local bank
and largest advisory environment
- good competence and quick processing locally
•
A
solid equity
of NOK 2.0 billion
- Locally based financial strength in the development of the
region
•
An
active supporter
for sports, culture and knowledge
- annual contribution of MNOK 15
•
A
central owner
in Helgeland Invest
Business development and ownership
Chief Executive Officer
Lisbeth Flågeng Styre Internal Auditor Marit Jakobsen Assistant and GM Helgeland Boligkreditt AS Brit Søfting 100 % 34 % 48 % 7.9 % 6.5 % 10.0 % Gift foundation ECC owners Board of Directors Director of Corporate Market Bjørn-Tore Brønlund Director of Retail Market
Dag Hugo Heimstad
Chief Financial Officer Sverre Klausen Chief Business Development Officer Øyvind Karlsen Chief Human Resources Officer
Ann Karin Krogli
Chief Accounting Officer Ranveig Kråkstad Chief Risk Management Officer Anne Ekroll
Head office
Postal address Postboks 68, 8601 Mo i Rana Visiting address Jernbanegata 15, 8622 Mo i Rana Phone 75 11 90 00
Web www.hsb.no Organisation number 937904029
Management
Lisbeth Flågeng, CEO – 75 12 83 01 / 416 85 777 – [email protected]
Ranveig Kråkstad, Chief Accounting Officer – 75 12 83 32 / 905 04579 – [email protected]
Investor Reations
Sverre Klausen, CFO – 75 11 82 22 / 916 88 286 – [email protected]
Tore Stamnes, Head of Treasury – 75 11 90 91 / 41 50 86 60 – [email protected]
Board of Directors
Thore Michalsen, Chairman Ove Brattbakk, Deputy Chair Gislaug Øygarden
Monica Skjellstad
Stein Andre Herigstad-Olsen May Heimdal
